The government has found about 900,000 beneficiaries of its flagship job formalisation scheme, the PMRPY, were ineligible in the first place as they were part of the formal economy even before the inception of the scheme. The EPFO has also recovered Rs 222 crore so far from the employers concerned.
The return from the ETF investment will be more than the 8.75 per cent the EPFO offers to subscribers now.
Your provident fund statement reveals the progress of your retirement savings
Wealth management seems to have moved from family office solutions to CXO office solutions.
At present, someone short of the retirement age can completely withdraw the PF money.
Employees Provident Fund Organisation fails to arrive at a decision on interest rate.
The addition in January was 131 per cent higher as compared with 3.87 lakh EPFO subscribers added in the year-ago month.
In an effort to instill the spirit of a service provider among the rank and file of the Employees Provident Fund Organisation, a new business model for its human resources is being examined under a re-engineering exercise.
The case was registered on the complaint of Pratap Singh, Regional Provident Fund Commissioner, EPFO.
Trade unions' had demanded 8.9 per cent interest rate.
The government wants to reduce the rate of contribution - part of the employee's share - for a class of workers depending upon age, income or gender, without changing the contribution from the employer's share.
The argument put forth is that withdrawals from a long-term investment avenue leave investors with a lower corpus on retirement.
EPFO manages a corpus of over Rs 8.5 lakh crore and its subscribers' base is over five crore at present.
The failure of the government to decide on the interest rate for provident fund is likely to hit around two million subscribers.
Prime Minister Manmohan Singh says a higher interest rate on Employees Provident Fund would depend on whether the Employees Provident Fund Organisation could afford a higher payout.
The Union home ministry and the labour ministry have asked state governments to coordinate with the chief labour commissioner's (CLC's) office to give a comprehensive data of all the migrant workers by April 11.
Oil and Natural Gas Corporation, Indian Oil Corporation, Bharat Heavy Electricals Ltd, HMT and Maruti Udyog Ltd are among the corporates that defaulted in remitting their provident fund share to the Employees Provident Fund Organisation
Equity markets offer hugely better returns but since the risks are also real, a 'life-cycle' investment strategy offers a happy solution.\n\n
In view of allegations by trade unions that Employees Provident Fund Organisation was "fraught with corruption", the Labour Minstry has convened a Parliamentary Consultative Committee meeting on December 14 to discuss the functioning of the EPFO.
EPFO had started allotting UAN numbers in July 2014.
The National Social Security Number will be issued to the 4 crore (40 million) members covered by the scheme on the lines of the Permanent Account Number (PAN) given by the income tax department.
The EPF board will meet on Wednesday to take a firm view on the interest rate for its 4 crore (40 million) subscribers during 2005-06, even as trade unions are demanding Prime Minister's intervention to retain 9.5 per cent.
The Employees' Provident Fund Organisation on Wednesday categorically ruled out differential rates for its 3 crore subscribers.
After complaints that the new law may impact employment of women, the government has framed a scheme to provide monetary incentive to companies, reports Somesh Jha.
In a bid to earn higher return for its 40 million subscribers, the country's biggest provident fund EPFO is exploring the possibility of investing a small portion of its assets in equities.
At present, organised sector workers covered under social security schemes run by EPFO are exempted from contribution towards schemes.
The number of contributors was 46.4 million in July and 44 million in September.
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